Nomura to launch new subsidiary focused on crypto assets

Nomura Holdings will establish a new company to offer services related to crypto currencies and non-fungible tokens, the leading Japanese financial services group said. 

The new unit is set to open in the second half of this year and will focus on providing next-generation products for institutional investors, according to the group’s announcement on Tuesday. These financial products will include those based on Stablecoins, NFTs and crypto assets.

The new company will be based outside Japan as part of efforts to hire high-end talent, but Nomura will also deploy executives to it. The group will also recruit more specialists.

Earlier, on April 1, Nomura reorganised a unit that had specialised in developing digital services into what is now its Digital Company. The new unit under the latest plan will operate under the Digital Company, with the aim of enhancing cooperation among the group’s digital business and other focused areas, including overseas markets.

Chief Executive Kentaro Okuda said: “We will further expand collaboration with internal and external stakeholders, centred on the Digital Company, and accelerate the use of digital technology to further enhance the services we provide to our customers”. 

Beside Nomura, some other Japanese financial institutions are also seeking to get a foothold in the growing sector of crypto-related businesses. 

In March, Mitsubishi UFJ Bank announced a collaboration in NFT-related business with Animoca Brands KK, a strategic subsidiary of Hong Kong-based blockchain powerhouse Animoca Brands. Mitsubishi UFJ said it would start providing services by the end of the year.

In February, Mitsubishi UFJ Trust and Banking Corporation filed a patent application for Progmat UT, a utility token (UT) for shareholder benefits, rights for specific services and other privileges, as well as a wallet service and other digital assets.